Gold prices rose to around $3,970 per ounce on Wednesday, pausing its recent decline as attention turned to the Federal Reserve’s expected rate cut later in the day. Traders are also watching for signals from Fed Chair Jerome Powell on the future path of monetary policy, with markets already pricing in another rate reduction in December. Meanwhile, investors continued to monitor progress toward a potential US–China trade breakthrough that could further dampen safe-haven demand. US President Donald Trump and Chinese President Xi Jinping are expected to finalize a framework agreement aimed at halting further US tariff increases and easing China’s restrictions on rare earth exports. The metal remains on track for a third consecutive monthly gain and is up roughly 50% this year, supported by economic and geopolitical uncertainties, strong central bank buying, and concerns over currency debasement.